Big Four Banks Profit on Rate Increase

The Big Four Banks have made a swift $17 Million dollar profit by passing on last week’s rate rises faster than rate cuts according to research by financial comparison website Mozo.com.au.After the RBA raised official rates on October 3, the Big Four Banks all passed on the 0.25% increase to home loan customers within five or six days. But when the RBA cut rates in February and April this year, it took nine days on average for the Big Four to pass on the cut. And NAB didn’t pass on the last cut